hang seng index daily outlook for wed 24 june 2733027444 remains the key resistance to watch 7474020
<p>(Click to enlarge charts) What happened yesterday The Hong Kong 40 Index (proxy for the Hang Seng Index) has whipsawed around the 273330 weekly pivotal […]</p>
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What happened yesterday
The Hong Kong 40 Index (proxy for the Hang Seng Index) has whipsawed around the 273330 weekly pivotal support and it does not have a clear break (daily close) above the former neckline support of the bearish “Double Top” breakout.
Please click on this link for a recap on our previous daily outlook.
Key elements
- The Index does not have a daily close above the former neckline support now turns pull-back resistance of the bearish “Double Top” breakout. Tolerate the whipsaw excess to 27444 (see daily & 1 hour charts)
- The intermediate term Stochastic oscillator is coming close to its extreme overbought level (see daily chart).
- The short-term trendline support joining the lows since 16 June 2015 now stands at 27000.
Key levels
Pivot (key resistance): 27330/27444 (weekly pivot)
Support: 27200 & 27000
Next resistance: 27810
Conclusion
As long as the 27330/27444 pivotal resistance is not surpassed, the Index still has the potential to shape a drop to 27200 before 27000 next.
However, a clearance above 27444 is likely to invalidate the medium term bearish movement for a push up to test 27810 in the first instance.
Disclaimer
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